BUSINESS

Women Leading Nigerian Banks Climbs An All Time High

Published

4 months ago

March 25, 2024

Women Leading Nigerian Banks Climbs An All Time High | Fab.ng

Adaora Umeoji will be taking on the leadership helm at Zenith Bank, a major Nigerian bank. She’ll officially start as the group’s managing director and CEO on June 1, 2024. This is exciting news, as Umeoji joins a growing group of powerful women leading Nigerian banks. There are already seven other female CEOs running major banks in the country.

Adaora Umeoji takes over from Ebenezer Onyeagwu, who’s been the CEO for the past five years. His term ends on May 31st. This isn’t the only recent change at the top of Nigerian banks with female leaders. Just a few months ago, Yetunde Oni became the new managing director of Union Bank of Nigeria. In February, Bolaji Agbede stepped up as the acting group CEO of Access Holdings after the passing of Herbert Wigwe.

A report by Agusto Consulting just revealed that women are making big strides on company boards. In 2022, the number of female board members reached an all-time high. This isn’t a one-time jump, either. Over the past five years, the number of women on boards has steadily increased. In 2018, only 18% of board seats were held by women. But by 2022, that number had risen to an impressive 25%.

While Nigeria is making progress, there’s still room to grow. Countries like South Africa (at 36%), the United Kingdom (at 41%), and the United States (at 35%) all have a higher percentage of women in board positions. This shows there’s an opportunity for Nigeria to continue its upward trend and reach an even greater gender balance.

Profiles of Women Leading MDs and CEOs of Some Other Major Nigerian Banks.

Nneka Onyeali-Ikpe, Fidelity Bank

Onyeali-Ikpe, one of the powerful women leading Nigerian banks, is the current managing director/CEO of Fidelity Bank. She holds degrees from the University of Nigeria and Kings College, London, and has attended executive training programs at several institutions. Onyeali-Ikpe was previously the executive director for Lagos and the South West region of the bank. She is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Tomi Somefun, Unity Bank

Miriam Olusanya is the managing director of a bank in Nigeria. She holds a Bachelor of Pharmacy degree from the University of Ibadan, Nigeria, and a Master of Business Administration from the University of Liverpool, United Kingdom. Before becoming the bank’s MD, she served as the group treasurer and head of the wholesale banking division. She is also a non-executive director of the Nigerian Interbank Settlement System and the Shared Agent Network Expansion Facilities. Additionally, she is a member of the Financial Markets Sub-Committee of the Bankers’ Committee.

Ireti Samuel-Ogbu, Citi Bank

Ireti Samuel-Ogbu is the CEO and country officer for Nigeria and Ghana at Citi Bank. She holds a BA Hons degree in Accounting and Finance from Middlesex University, UK, and an MBA from the University of Bradford, UK. Before she was appointed CEO, she served as the managing director of Europe, Middle East, and Africa payments and receivables head, treasury, and trade solutions under Citi’s Institutional Clients Group, based in London, UK. Ireti Samuel-Ogbu also co-founded two impactful mentorship initiatives within Citi. These include the Sapphire Leadership Program for the Middle East and Africa, and the Momentum Program in the UK.

Yemisi Edun, FCMB

Yemisi Edun has a bachelor’s degree in chemistry from the University of Ife and a master’s degree in international accounting and finance from the University of Liverpool, UK. She is also a member of several professional organizations, including the Chartered Institute of Stockbrokers and the Institute of Taxation of Nigeria. Edun began her career with Akintola Williams Deloitte in 1987 and joined FCMB in 2000 as divisional head of internal audit and control. She was appointed managing director of the bank on May 1, 2021.

Bolaji Agbede, Access Holdings

Bolaji Agbede was the most senior founding executive director at the company before being appointed as acting group CEO. She had previously worked at Guaranty Trust Bank and JKG Limited before joining Access Bank in 2003 as an assistant general manager. She has been the head of human resources for the Access Bank Group since 2010. Agbede holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University, UK.

Yetunde Oni, managing director/CEO of Union Bank of Nigeria

Banking powerhouse Yetunde Oni brings 25 years of experience to Union Bank. She excels at leading teams, and crafting client solutions, and she boasts a strong academic background (Economics degree, MBA, Oxford executive training).

Yetunde Oni began her career at Prime Merchant Bank’s Treasury & Money Markets Group. She then spent 11 years at Ecobank Nigeria as a Relationship Manager. In 2005, she joined Standard Chartered Bank Nigeria, rising to Managing Director & Country Head of Commercial Banking for West Africa. Before joining Union Bank, Yetunde Oni made history as the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.

Bukola Smith, FSDH Merchant Bank

Bukola Smith has a bachelor’s degree in economics from the University of Lagos and an MBA from Manchester Business School. She has extensive experience in banking, including customer service, treasury, investment, project finance, audits, and sales. She has held various positions at Fidelity Bank and First City Monument Bank Limited, including divisional head of Treasury and institutional banking, group head of Treasury and Financial Institutions, divisional head of Investment Banking and Financial Markets, director of project and Structured Finance, and divisional head of Group Internal Audit.

Halima Buba, Suntrust Bank

Halima Buba, who is also one of the women leading Nigerian banks, is a seasoned banker with over 22 years of experience. She holds a B.Sc. in business management and an MBA from the University of Maiduguri. She is an honorary fellow of the Chartered Institute of Bankers and a fellow of the Institute of Management Consultants. Buba is the MD/CEO of Sun Trust Bank Ltd. and sits on the board of several reputable institutions.

Kafilat Araoye, Lotus Bank

Araoye has a degree in History and an M.Sc. in industrial relations & personnel management. She holds Islamic finance certifications. She started her career in 1988 at National Oil and Chemicals Marketing Company Plc and moved to Guaranty Trust Bank Plc in 1990 as the pioneer head of human resources.

This increase in female board members is a positive sign. It suggests that companies in Nigeria are recognizing the value of diversity in leadership. The future looks bright for women in Nigerian boardrooms! With continued progress, we can expect to see even more women shaping the direction of businesses in the future.

BUSINESS

10 Nigerian Sectors Attracting High Foreign Investments

Published

3 weeks ago

July 7, 2024

Adaeze Okechi

10 Nigerian Sectors Attracting High Foreign Investments | Fab.ng

Nigeria, the giant of Africa, boasts a vibrant economy rich in natural resources and a young, energetic population. This makes it a prime target for foreign investors seeking lucrative opportunities for investments.

While the oil and gas sector has historically dominated foreign investments, recent trends reveal diversification across various industries.

Let’s delve into the top 10 sectors currently attracting significant foreign investments to Nigeria:

1. Banking

The Nigerian banking sector stands tall as the top recipient of foreign investments. The country’s robust financial system, coupled with a growing middle class, presents an attractive market for international banks and investors.

Recent quarters have witnessed a significant surge in foreign capital inflow into Nigerian banks, with a focus on providing financing for businesses and individuals.

2. Trading

The bustling commercial activities in Nigeria make the trading sector a magnet for foreign investments. From established retailers to import and export businesses, the opportunities are vast.

Foreign investors are drawn to the growing consumer base and the potential for establishing efficient distribution networks across the country.

3. Production & Manufacturing

Nigeria’s push for industrialization has opened doors for foreign investors in the production and manufacturing sector.

Investments are flowing into areas like food processing, pharmaceuticals, and construction materials. This sector offers the potential for import substitution, creating jobs, and boosting the nation’s self-sufficiency.

4. Telecommunications

Nigeria’s telecommunications sector has experienced phenomenal growth, fueled by a rising mobile phone penetration rate.

This has attracted significant foreign investments in network infrastructure expansion, mobile money services, and the development of innovative telecommunication solutions.

5. Information Technology (IT) Services

Nigeria’s youthful population and tech-savvy individuals are driving the demand for IT services. Foreign investors are recognizing the potential in areas like software development, cloud computing, and cybersecurity.

This sector presents an exciting opportunity for collaboration and knowledge transfer between international companies and local talent.

6. Shares & Stocks

The Nigerian Stock Exchange (NSE) is a vibrant platform attracting foreign investors seeking to participate in the country’s economic growth.

Investments are channelled into various sectors listed on the NSE, allowing foreigners to diversify their portfolios and tap into the potential of promising Nigerian companies.

7. Financing

The growing demand for financial services, particularly in areas like microfinance and venture capital, is attracting foreign investment in the financing sector.

Foreign investors are providing capital to support small and medium-sized enterprises (SMEs) and fostering an environment for entrepreneurship to flourish.

8. Electricity

Nigeria’s ongoing quest for a stable and reliable power supply has opened doors for foreign investors in the electricity sector.

Investments are directed towards renewable energy solutions, grid modernization, and independent power generation projects. This sector holds the key to unlocking Nigeria’s economic potential.

9. Agriculture

Despite being a powerhouse in agriculture, Nigeria still relies on imports for certain food items.

This presents an opportunity for foreign investors to partner with local farmers and businesses to improve agricultural practices, and processing techniques, and establish efficient distribution channels.

10. Transportation

Nigeria’s underdeveloped transportation infrastructure is seen as a hurdle by foreign investors. However, this also presents a lucrative opportunity for investment in road construction, railway development, and the modernization of air and seaports.

Improved transportation infrastructure will not only benefit foreign businesses but also enhance the overall economic activity within Nigeria.

In conclusion…

Nigeria’s economic landscape is transforming, attracting foreign investments across diverse sectors. The government’s efforts to create a conducive business environment, coupled with the nation’s abundant resources and vast market potential, make it a compelling destination for foreign capital.

As Nigeria continues on its growth trajectory, these investments will play a crucial role in unlocking its full economic potential and propelling the nation towards a brighter future.

For more business updates, check here.

BUSINESS

7 Reasons Good Logistics Management Is Important For Every Business

Published

4 weeks ago

June 29, 2024

Adaeze Okechi

Logistics management: it's important for every business | fab.ng

Imagine your business as a busy kitchen. Ingredients (raw materials) need to be ordered, stored (in the fridge), prepped (production), and cooked (assembled into a product). Then, the final dish (finished product) needs to be delivered hot and fresh (on time and in good condition) to the customer. Logistics management is like the skilled chef who coordinates everything behind the scenes.

Here’s why good logistics management is essential for your business success:

1. Boosting productivity

Good logistics help you optimize production, supply, and delivery processes. This saves money, avoids mistakes, and lets your team work more effectively. They can produce more in less time, without sacrificing quality.

Imagine your kitchen staff having all the ingredients they need, prepped and ready to go. They can whip up delicious meals quickly and efficiently.

2. Running smoothly

Logistics ensures everything runs smoothly, like a well-oiled kitchen. It plans, organizes, and controls everything that happens to your product, from getting ingredients to delivering the final dish. This avoids delays, mistakes, and grumpy customers (because their food arrived cold).

3. Happy customers

Fast and reliable deliveries are what keep customers happy these days. Imagine ordering a pizza – good logistics ensure it arrives hot and on time, making you a hero to your hungry friends. Logistics helps businesses meet these expectations by getting products to customers quickly, which builds trust and keeps them coming back for more.

Logistics management helps you meet customer expectations and build trust. They’ll keep coming back for more if they know they can rely on you to get them what they need when they need it.

4. Saving money

Every business wants to cut costs. Logistics helps by optimizing storage, transportation, and other areas. It’s like using the right amount of fridge space, finding the most efficient way to cook, and negotiating good deals with suppliers. This reduces waste, saves time, and helps your business keep more money in its pocket.

5. Standing out from the crowd

In today’s world, fast and reliable service is a must-have, not a bonus. Customers have many choices, and they’ll often go with the business that offers the quickest and easiest delivery.

Think of two restaurants: one with slow delivery and another with lightning-fast service. Good logistics give businesses an edge over competitors who can’t deliver as efficiently. By offering faster shipping or lower delivery costs, you become the more attractive option.

6. Becoming more agile

With good logistics, you can track and measure each step of the process. This gives you real data to analyze and improve your business. Think of a kitchen constantly looking for ways to improve. Maybe they can find a faster way to chop vegetables or a more efficient layout for the kitchen.

7. Real-time monitoring

Good logistics lets you track everything in real time, from storage to delivery. This allows you to make better decisions and identify areas for improvement. Imagine the kitchen manager being able to see exactly where each delivery driver is and how long it will take them to get to the customer. They can address any issues immediately and keep things running smoothly.

In short, effective logistics management is a secret ingredient for business success. It helps your business run smoothly, save money, keep customers happy, and beat the competition. By having a well-organized logistics system, your business can focus on what it does best – creating great products and providing excellent service.

By implementing effective logistics management, your business can experience many benefits, from increased productivity and happier customers to lower costs and a competitive edge. It’s a win-win for everyone.

BUSINESS

Top 5 Smartphone Brands Dominating Africa’s Market

Published

1 month ago

June 22, 2024

Adaeze Okechi

Top 5 Smartphone brands dominating markets in Africa | Fab.ng

The African smartphone market is booming! Sales of smartphone brands across Africa surged in the first quarter of 2024, according to a report by Canalys. This impressive growth makes Africa the third-fastest-growing region in the world for smartphones.

Here’s a closer look at the numbers:

Big jump in shipments: Canalys reports that roughly 18.2 million smartphones were shipped to Africa in the first quarter, which is a significant 24% increase compared to the same period in 2023.
Dominant brands: Popular smartphone brands like Transsion, Samsung, and Xiaomi are leading the charge in this growth. These brands are likely popular due to a combination of factors such as brand recognition, affordability, and features that cater to the needs of African consumers.

This significant growth in the African smartphone market suggests a growing number of people across the continent are gaining access to these devices. Smartphones can be powerful tools for communication, education, and economic empowerment, and their increasing availability is a positive sign for Africa’s development.

Let’s take a look at the top 5 smartphone brands dominating Africa’s smartphone market below.

Top 5 smartphone brands in Africa (Q1 2024)

Top smartphone brands in Africa with insights into why these brands are popular and how they’re competing in the market:

1. Transsion (Tecno, Infinix, Itel):

Transsion reigns in Africa, capturing over half the market share (52%), with 9.5 million units shipped in Q1 2024. This dominance extends to key markets like Nigeria (67%) and Kenya (48%).

Transsion’s success can be attributed to its strategic brand portfolio. They offer a range of smartphones under the Tecno, Infinix, and Itel brands, catering to different price points and customer preferences. This allows them to tap into a wider consumer base. Also, it encompasses budget-conscious buyers seeking affordable options alongside those seeking more feature-rich devices.

Beyond leading markets, Transsion has established a presence in other African countries like Egypt (11%), South Africa (15%), Morocco (24%), and Algeria (19%). This solidifies their position as a major player across the continent.

2. Samsung

Smartphone brands dominating markets in Africa | Fab.ng

While Samsung holds the top spot globally with a whopping 60 million units shipped, its presence in Africa (21% market share) falls behind Transsion. However, Samsung remains a leader in specific regions, dominating markets like Egypt (29%), South Africa (46%), and Morocco (39%).

Despite facing stiff competition, Samsung maintains a presence in other African countries like Kenya (31%), Nigeria (6%), and Algeria (23%). This suggests Samsung is strategically focusing on maintaining its brand recognition and customer base in these markets.

3. Xiaomi

Smartphone brands dominating markets in Africa | Fab.ng

Xiaomi is a brand on the rise in Africa. They currently lead the Algerian market with a 32% share and have a presence in other countries like Egypt (20%), Nigeria (19%), Kenya (8%), South Africa (7%), and Morocco (26%).

Xiaomi’s growth is evident in their increased market share from 6% to 11% in Q1 2024. This surge can likely be attributed to their aggressive expansion strategy. It involves offering competitive features at attractive prices. By focusing on value for money, Xiaomi is attracting a growing number of African consumers.

4. OPPO

OPPO Nigeria | Fab.ng

OPPO is a relatively new entrant in the African smartphone market, having established a presence in Egypt (15%), Algeria (1%), and Kenya (5%) in Q1 2024.

Despite their early efforts, OPPO faces intense competition from established brands. They shipped 600,000 units in Q1 2024, securing a 3% market share. To gain a stronger foothold, OPPO will need to develop targeted strategies to appeal to African consumers and stand out in a crowded market.

5. HMD Global (Nokia)

HMD Global, the brand behind Nokia phones, manages to cling to a spot in the top 5 with a minor presence in Nigeria (1%) and Kenya (3%).

Nokia’s legacy as a trusted brand might help them retain some customers. However, the rapidly evolving smartphone market demands innovation and adaptation. HMD Global will need to up their game to compete effectively with the aggressive strategies of other brands.

The dominance of Transsion and the strong showing of Xiaomi highlight the growing importance of offering budget-friendly smartphones with good features to cater to the African market.

Samsung, with its global brand recognition, remains a major player. Moreso, it will need to adapt its strategies to maintain its position.

As the African smartphone market continues to flourish, it will be interesting to see how these brands, along with others, innovate and compete to win over the hearts (and wallets) of African consumers.

For more articles, check here.